Japanese retailer Aeon Mall to build another shopping center in northern Vietnam

Japan’s Aeon Mall is set to invest nearly $150 million in a shopping mall project in the northern province of Bac Ninh, marking a further push into Vietnam’s fast-growing industrial localities.

Local authorities on Tuesday granted an investment registration certificate for the over $149 million Aeon Mall Bac Ninh Tan Tien project, developed by Aeon Mall Vietnam. The certificate-granting ceremony took place during a Vietnam-Japan investment promotion event in Mie prefecture.

The project, covering about 7.7 hectares in Tan Tien ward (formerly Bac Giang town, Bac Giang province), is designed as a modern commercial complex integrating retail, dining, entertainment and office leasing.

Project progress

Aeon Mall Vietnam is reportedly a partner of Newland Investment JSC, which had previously been identified as the investor when working with Bac Ninh authorities in October 2025.

At the working session then, Nakagawa Tetsuyuki, CEO of Aeon Mall Vietnam Co., Ltd., stated that the progress of the Bac Ninh project had not met expectations due to both objective and subjective factors.

At the same meeting, a Newland representative said the project had completed land allocation and financial obligations, and the investor was submitting the feasibility study report for appraisal as a basis for applying for an investment certificate. At the same time, Newland and Aeon Mall Vietnam expected to complete procedures for project transfer in November 2025.

On March 4, 2026, at another meeting with Bac Ninh provincial leaders, Nojima Masaaki, senior general manager of the project development division at Aeon Mall Vietnam, said that on February 24, 2026, the board of directors of Aeon Group in Japan had officially approved the resumption of the Aeon Mall Bac Ninh Tan Tien project. At that time, the project was undergoing transfer procedures.

The project, also featuring office business and tourism activities, had its auction plan approved, with the winning bid awarded to Newland Investment JSC. The company received an investment registration certificate, with an implementation schedule of 36 months starting from August 2025.

Newland said it has largely completed site leveling and proposed transferring the entire project to Aeon Mall Vietnam.

Bac Ninh’s granting of the investment registration certificate to Aeon Mall Bac Ninh Tan Tien indicates that the project has made an important legal step forward, providing a basis for the investor to proceed with the next stages.

At a meeting with Aeon Mall representatives on April 29, 2026, Secretary of the provincial Party Committee Nguyen Hong Thai asked the investor to promptly complete all required procedures, fully prepare conditions for project implementation to ensure progress and quality, strive to commence construction in May 2026, and complete it in 2027.

Aeon’s expansion in Vietnam

The Bac Ninh project highlights Aeon’s broader expansion strategy in Vietnam, where it has spent more than a decade building shopping malls in major cities and is now moving into high-growth industrial provinces.

According to Tezuka Daisuke, general director of Aeon Vietnam Co., Ltd, Vietnam is a core market in Aeon’s Southeast Asia and China growth strategy, and its second most important market after Japan. Since opening its first mall, Aeon Tan Phu Celadon, in 2014, Aeon has poured about $1.5 billion into Vietnam.

Aeon Mall’s 2024 financial statements showed that its profit in Vietnam rose 8.6% to 4.23 billion JPY ($26.38 million).

Tezuka Daisuke said the group plans to triple its number of malls and stores in Vietnam by 2030, betting on strong retail growth. Modern retail currently accounts for just 13-15% of the market, with growth expected to accelerate from around 7% to as much as 12%.

Aeon currently operates eight malls in Vietnam, including Aeon Tan An in Tay Ninh province, which opened in September 2025 as its first location in the Mekong Delta. Another project, Aeon Mall Thanh Hoa, is nearing completion and is scheduled to open in the fourth quarter of 2026.

Aeon’s expansion is increasingly focused on localities such as Hai Phong, Binh Duong, Hue, Tay Ninh and now Bac Ninh - where rapid urbanization, a growing middle class, and large foreign-invested manufacturing bases are driving demand.

Bac Ninh, one of Vietnam’s largest industrial centers, hosts major electronics and manufacturing companies and a sizable skilled workforce. The new mall is expected not only to serve as a retail and entertainment destination but also to strengthen urban service infrastructure in the province.

Bac Ninh province formed through the 2025 merger of the former Bac Ninh and Bac Giang provinces, has so far attracted more than 3,500 FDI projects with registered capital exceeding $49.4 billion, ranking second nationwide. Japanese investors have nearly 130 projects with close to $2 billion in capital.

Also on Tuesday, Bac Ninh granted an investment certificate to Sunhill Vietnam No. 2 Factory, a $3 million project by Sun Hill Vietnam Co., Ltd. in Hoa Hiep commune (formerly in Bac Giang province), which will produce caster wheels and related components.